Coinbase withdraws backing for Market Clarity Act draft as stablecoin-yield ban threatens $800M
Coinbase told the Senate this week it cannot support the latest Digital Asset Market Clarity Act draft, after changes circulated Monday would bar exchanges from paying rewards on stablecoin balances and limit access to transaction-size data. The company reported $1.35 billion in stablecoin revenue in 2025, much of it tied to USDC distribution payments under its Circle partnership. The draft’s yield provisions could remove an estimated $800 million in annual revenue tied to that line of business.
